Recap Last month I posted a short summary describing why I thought LSR represented an interesting short term, arbitrage bet. The short version was: LSR traded at a substantial discount to its NAV and the largest shareholder had announced they may make a bid for the remaining shares. At the time, the stock was trading around 27p … Continue reading The Local Shopping REIT – Part 2 →

Overview The Local Shopping REIT (LSR) has been on my watch list for some time now as the company has been pursuing an orderly liquidation. I never built a position because the potential upside was never enough to justify the uncertain timing of the returns or the final realisable value. The situation changed last Wednesday … Continue reading The Local Shopping REIT (LSE:LSR) →

This is going to be a brief post summarising my recent decision to purchase Radission Hospitality (RADH). Full disclosure, I own a material stake in RADH purchased ~2-3 months ago, however, I will base all number on today's price of ~SEK 36.00   The timeline In August of this year, HNA Group (a Chinese consortium) … Continue reading Radisson Hospitality AB (OM:RADH) →

Summary This is going to be a rather brief post because the underlying thesis is quite simple and Dave Waters has already written about it on multiple occasions via his terrific (albeit quieter than it used to be...) blog otcadventures.com Retail Holdings (ReHo) has been an extremely slow moving liquidation story. The short investment pitch is that … Continue reading Retail Holdings NV (OTC:RHDGF) →

Summary Despite its tiny market capitalisation, Parks America is a surprisingly high quality, albeit niche, business. The combination of a high performing park and a loss making one, together with an unusually large number of "rainy weekends" has created an interesting investment setup. On a normalised basis (excluding the loss making site) the group should … Continue reading Parks! America (OTC:PRKA) →

Last week I posted my latest investment idea on SumZero and I thought it may be of interest to anyone who follows my blog that doesn't have access to the site. Firstly, a hat tip to @CapitalHInvest who recently wrote a great piece on CountPlus (ASX:CUP) as I was in the process of acquiring stock/developing my thesis. It can … Continue reading Countplus Ltd (ASX:CUP) →

Earlier this week, ASX listed Mitula Group (ASX:MUA) announced that the board had received (and was unanimously recommending) a takeover offer from TSE listed group, LIFULL Co (TSE:2120). Mitula is a logical acquisition for LIFULL given they acquired its main competitor, Trovit, in 2014. Combining the groups will create one of the largest online classifieds … Continue reading Mitula Group (ASX:MUA) →

  Ticker: OTCPK:PCOA Price: $640 Shares outstanding: 256.8k Market capitalisation: $164m Net cash: $185m Enterprise value: ($21m)   Opportunity On the 16th December 2017, Pendrell Corporation de-listed its stock from the NASDAQ and became an over-the-counter (OTC) traded security. This created a forced selling event that caused investors unable to hold OTC traded stocks to … Continue reading Pendrell (OTC:PCOA) →

Name: TRIplc Berhad Ticker: KLSE:TRIPLC Price (MYR): 2.39 Market cap (MYR): 165m Market cap (USD): 42m   Situation On the 15th of February, 2018 TRIplc Bhd shareholders voted in favour of a restructuring plan that will see the company sold to Puncak Niaga Holdings Bhd (KLSE:PUNCAK) and Pimpinan Ehsan Bhd (a shell company with no … Continue reading Triplc (KLSE:TRIPLC) →